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Authorize the Auditor-Controller to reduce the General Fund loan due from Mission Solano Rescue Mission, Inc. by $65,450.15 each year for ten years, representing 1/10 of the principal balance outstanding as of May 1, 2018 of $654,501.47, to reflect the terms of the Contribution Agreement between Shelter Solano, Inc. and the County of Solano; and Authorize the County Administrator, in consultation with the Auditor-Controller, to make any technical adjustment to the appropriations to reflect this transaction (4/5 vote required)
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The County Administrative Office and the Auditor-Controller recommend the Board authorize the Auditor-Controller to reduce an outstanding General Fund loan due from Mission Solano Rescue Mission, Inc., which closed in 2018, by $65,450.15 each year for ten years, representing 1/10 of the principal balance outstanding as of May 1, 2018 of $654,501.47, to reflect the terms of the Contribution Agreement between Shelter Solano, Inc (new facility operator). and the County of Solano; and Authorize the County Administrator, in consultation with the Auditor-Controller, to make any technical adjustment to the appropriations to reflect this transaction
SUMMARY:
In accordance with the Contribution Agreement, approved by the Board of Supervisors on January 22, 2019, the County agreed to forgive and waive its right to seek any cash or other repayment of the outstanding loan balance and interest under the Amended and Restated Loan Agreement with Mission Solano Rescue Mission, Inc. (Mission Solano) used in the construction of the Bridge to Life Shelter Facility. In return, Shelter Solano, the subsequent, successor operator of the Shelter Facility, agreed to dedicate one bed for the next ten (10) years at the Shelter Facility to support the County's social service programs. Therefore, each fiscal year, the Coun...
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